Problem of choice arises when there are _____ .a)multiple resources ha...
The problem of choices arises when there are multiple alternatives and limited resources. In this case, a choice between one or the other has to be made.
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Problem of choice arises when there are _____ .a)multiple resources ha...
U take example of milk,
many uses of milk like making shweet,tea etc
so limited resources and multiple uses
so,B options correct
Problem of choice arises when there are _____ .a)multiple resources ha...
Introduction:
The problem of choice arises when individuals or societies are faced with limited resources and multiple uses for those resources. This creates a situation where people have to make decisions about how to allocate their resources in the most efficient and effective way possible.
Explanation:
The correct answer to the question is option 'B': limited resources having multiple uses. This is because when resources are limited, individuals or societies have to make choices about how to allocate those resources among competing uses. This creates the problem of choice.
Limited Resources:
Limited resources refer to the fact that there is a scarcity of resources available to individuals or societies. Resources can include things like money, time, land, labor, and natural resources. These resources are finite and cannot be infinitely replenished. Therefore, individuals or societies have to make decisions about how to use these limited resources.
Multiple Uses:
Multiple uses refer to the fact that resources can be used for different purposes. For example, money can be used to buy food, clothing, or pay for education. Time can be used for work, leisure activities, or spending time with family. Land can be used for agriculture, housing, or industrial purposes. When resources have multiple uses, individuals or societies have to decide how to prioritize these different uses.
The Problem of Choice:
The problem of choice arises when individuals or societies have limited resources and multiple uses for those resources. This creates a situation where decisions have to be made about how to allocate resources in the most efficient and effective way possible. This involves weighing the costs and benefits of different uses and making trade-offs.
Example:
For example, let's say a government has limited funds available for infrastructure development. They have to decide whether to allocate those funds towards building new roads, improving public transportation, or investing in healthcare facilities. Each option has its own benefits and costs, and the government has to make a choice based on their priorities and the needs of the society.
Conclusion:
In conclusion, the problem of choice arises when there are limited resources and multiple uses for those resources. This requires individuals or societies to make decisions about how to allocate their resources in the most efficient and effective way possible. The problem of choice is a fundamental concept in economics and plays a crucial role in decision-making processes.
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